VST Industries Ltd

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 34.13%
Company has been maintaining a healthy dividend payout of 68.96%
Cons:
Stock is trading at 9.11 times its book value
The company has delivered a poor growth of 6.85% over past five years.
Promoter holding is low: 32.16%

Peer Comparison Sector: Tobacco Products // Industry: Cigarettes

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
225 228 220 210 220 239 279 243 290 293 273 305
175 161 157 144 150 159 200 147 200 207 191 190
Operating Profit 50 68 63 65 70 80 79 96 90 86 81 115
OPM % 22% 30% 29% 31% 32% 33% 28% 39% 31% 29% 30% 38%
Other Income 5 5 4 6 5 5 8 8 9 10 11 12
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 9 10 11 9 9 9 11 9 11 10 11 9
Profit before tax 46 63 57 62 65 76 76 95 89 86 81 118
Tax % 33% 34% 38% 35% 33% 35% 37% 36% 36% 36% 34% 36%
Net Profit 31 41 36 40 44 50 48 61 57 55 53 76
EPS in Rs 20.18 26.58 23.04 25.77 28.50 32.22 31.30 39.66 36.99 35.90 34.34 49.01
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
339 380 471 578 684 669 789 836 883 922 948 1,099 1,161
255 313 401 439 475 488 571 594 646 675 654 746 788
Operating Profit 83 67 70 139 210 180 218 243 237 248 294 353 373
OPM % 25% 18% 15% 24% 31% 27% 28% 29% 27% 27% 31% 32% 32%
Other Income 16 35 33 20 26 26 32 18 20 20 25 39 42
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 14 16 18 24 25 22 27 32 31 37 39 41 41
Profit before tax 86 86 86 135 211 184 224 229 227 231 279 351 373
Tax % 32% 28% 27% 30% 32% 31% 33% 33% 32% 34% 35% 35%
Net Profit 58 62 62 95 143 126 150 152 153 152 182 227 241
EPS in Rs 34.39 34.94 35.21 54.24 81.76 71.14 85.34 83.92 85.30 98.13 117.79 146.90 156.24
Dividend Payout % 53% 75% 75% 73% 70% 76% 72% 71% 71% 76% 66% 65%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.19%
5 Years:6.85%
3 Years:7.56%
TTM:18.28%
Compounded Profit Growth
10 Years:17.85%
5 Years:9.05%
3 Years:17.25%
TTM:18.66%
Stock Price CAGR
10 Years:22.90%
5 Years:18.37%
3 Years:18.32%
1 Year:38.68%
Return on Equity
10 Years:37.51%
5 Years:36.21%
3 Years:34.13%
Last Year:36.40%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
15 15 15 15 15 15 15 15 15 15 15 15
Reserves 216 224 232 249 275 289 313 331 355 524 567 649
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
235 270 322 386 433 454 443 493 468 274 497 558
Total Liabilities 467 510 569 650 723 758 771 840 838 813 1,079 1,222
119 125 133 152 163 175 209 198 174 220 195 213
CWIP 3 5 7 0 0 0 0 0 41 1 34 0
Investments 223 193 190 171 224 199 181 171 162 174 416 575
122 186 239 327 336 384 381 471 461 419 433 433
Total Assets 467 510 569 650 723 758 771 840 838 813 1,079 1,222

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
68 21 53 85 151 118 130 118 132 146 420 290
-58 25 -5 -8 -63 9 -18 3 -24 -18 -264 -148
-37 -37 -55 -54 -81 -117 -113 -126 -130 -130 -139 -144
Net Cash Flow -27 9 -7 23 7 10 -1 -6 -22 -2 17 -2

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 36% 26% 35% 50% 71% 58% 69% 65% 58% 51% 50% 56%
Debtor Days 5 5 11 8 7 13 4 5 5 5 11 5
Inventory Turnover 5.05 3.62 3.01 2.79 2.89 2.72 3.03 2.64 2.38 2.61 3.26 4.11